All Forum Posts by: Weng L.

Thank you @Tom Gimer. You brought up a very good point. I will discuss it with attorney about whether is unilaterally or bilaterally.

@Charlie MacPherson

The listing agent is a broker.

I won't be able to file a complaint about her because I don't have written evidence of her threatening me. She called me to talk about it. She will not leave evidence in writing for sure. 

Hi @Patricia Steiner

Thank you for your input. 

The listing agent herself is the broker. As I mentioned in the post above -  This listing agent works with the owner and builder for multiple transactions, she can re-structure commission with the owner as long as the owner does not receive less profit. She threatens me that her attorney was able to back out the contract with other buyer to have the buyer pay extra $30,000 to extend the contract. I believe the $30,000 is shared by her and the owner

I won't be able to filing a complaint with Relator Association and Real Estate Commission because I don't have the written evidence that the listing agent demands me to return 2% to her. She talked to me about it on the phone. She said on the phone that her attorney will be able to find something on our contract to force me out of the contract as they already did it to other buyer.

I have talked to title agent and they said there is not much I can do. They suggest me to hire an attorney to negotiate with the listing agent.

@Wayne Brooks

Yes, I alone have the right to extend the contract, but both I and the owner have to sign a new addendum (to extend the contract). The listing agent threatens me that the owner will not sign a new addendum if I don't give up the 2% credit back to her. 

This listing agent works with the owner and builder for multiple transactions, she can re-structure commission with the owner as long as the owner does not receive less profit. She threatens me that her attorney was able to back out the contract with other buyer to have the buyer pay extra $30,000 to extend the contract. I believe the $30,000 is shared by her and the owner

@Wayne Brooks

I closed another purchase with these same listing agent, builder and owner (owner and builder are not the same person) recently, the listing agent received 4% commission (I received 2% to pay for closing costs), so the listing agent must redo the commission agreement with the owner

On this second transaction, the listing agent wants entire 6% commission (she said she lost over 2% commission due to the delay of construction. That is her agreement with the owner when she purchased the land for the owner). She threatens me to either give up the 2% credit or increase purchase price otherwise she will not extend the contract (I believe that she will ask the owner to share the profit of increased price with her).

Hi

I have an executed contract on a new construction property. The construction can't finish on time so we need an addendum to extend the contract and the closing date. However the listing agent is trying to back out the contract.

The listing pays buyer agent commission 3% which is $18,000 (listing agent commission is also 3%). I didn't use a buyer agent on these transactions so on the contract we have the listing agent crediting 2% which is $12,000 to me to cover closing costs (thus the listing agent gets 4% commission which is $24,000). Now the listing agent wants me to give up the 2% so she gets the entire 6% commission. She threatens me that if I don't give up the 2% she will not extend the contract (she said her attorney was able to back out other buyer's contract to increase the price because market value has gone up after we signed the contract).

We use standard Florida “AS IS” Residential Contract For Sale And Purchase. This is what we have on the contract:

Any advise is appreciated!

If I have to use a real estate attorney to sue the seller, do you have any recommendation of a reliable real estate attorney? I am located in south Florida. 

https://www.borrower.icecapgro...

Do you know if they report 30-year fix rental loan to personal credit report (loan is under LLC)?

I got several more quotes from national lenders, 30 year fix rate are all at lease 5.375%, 5/1 arms are all high 4% with about 2 points.

Only one local credit union offers 5/1 arm 3.375% with 0.5 point and 2/2/5 cap

 Marcus, if you don't mind me asking, where are you located and which local credit union did you get that 3.25 5/1 arm rate? Are you sure that is 30 year term?

I quoted from a lender today for 30 year fixed v.s 30 year 5/1 arm, 25% down on $600,000 purchase on investment property.

30 year fixed is 5.375% no point

30 year 5/1 arm is 4.125% with 17 points! Yes,17 points, that is over $70,000.

I use better.com's self quote page, the 30 year 5/6m arm is 5.125%  with 2 points 

@Marcus